Industrivärden sells lock system manufacturer Timelox to ASSA ABLOY

Mon, Nov 08, 1999 13:25 CET

Industrivärden sells lock system manufacturer Timelox
to ASSA ABLOY
Industrivärden today sold all the shares in the wholly owned subsidiary Time-
lox to the Swedish lock group ASSA ABLOY.
Timelox manufactures and markets electronic lock systems, including smart
cards, for access control and is a leading supplier of hotel lock systems. The
company is a spinoff from Industrivärden's subsidiary Besam, the world's larg-
est supplier of door automation. For 1999 Timelox has estimated sales of SEK
80 M with 45 employees.
The deal creates new opportunities for Timelox to further develop as a stand-
alone company within the ASSA ABLOY Group, a global supplier of lock and secu-
rity products.
Stockholm, Sweden, November 8, 1999
AB INDUSTRIVÄRDEN (publ.)
For further information, please contact:
Carl-Olof By, Executive Vice President and CFO, Industrivärden,
tel. +46-8-666 64 00
Göran Jansson, President and CEO, ASSA ABLOY, tel. +46-8-506 485 00
Jan Wabreus, President, Timelox, tel. +46-418-512 31
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